Quiet hurricane season helps third quarter profits for ACE Ltd
ACE beat analyst’s expectations to post strong underwriting income, helped by declining payouts linked to US hurricanes.
Ace's third-quarter net profit rose to $494 million, or $1.46 a share, from $54 million, or 16 cents a share, in the year-ago period.
Operating earnings, which exclude investment gains or losses, were equal to $2.07 a share, beating analysts average execrations of $1.97 per share, according to Thomson Reuters I/B/E/S.
"ACE is proving itself to be a reliably solid company," said Hexagon analyst David Havens.
"Profitability has been strong, underwriting results solid, investment missteps have been avoided, and capital has remained sound.
